Suppose the production function of an item is Q = 3L + 2K. When the inputs are doubled in this production function, the output is also doubled. which of the following statements are true? Statement 1: Q will increase by 2 if K increases by 1, Statement 2: Q will increase by 3 if L increases by 1,
Suppose the production function of an item is Q = 3L + 2K. When the inputs are doubled in this production function, the output is also doubled. which of the following statements are true? Statement 1: Q will increase by 2 if K increases by 1, Statement 2: Q will increase by 3 if L increases by 1,
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.9P
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![Suppose the production function of an item is
Q = 3L + 2K.
When the inputs are doubled in this
production function, the output is also
doubled. which of the following statements
are true?
Statement 1: Q will increase by 2 if K increases
by 1,
Statement 2: Q will increase by 3 if L increases
by 1,](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe901eb44-7e25-4e1b-9f69-2f8821df0eab%2Fc4d6ee2f-182f-40ca-887a-6a50ccae4320%2Fmm8xfak_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose the production function of an item is
Q = 3L + 2K.
When the inputs are doubled in this
production function, the output is also
doubled. which of the following statements
are true?
Statement 1: Q will increase by 2 if K increases
by 1,
Statement 2: Q will increase by 3 if L increases
by 1,
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